During 2011, we faced a number of market challenges that led to unsatisfactory financial performance. I'd like to explain the impact of 3 specific challenges we faced in 2011 and why we feel more confident as we look ahead to 2012 and beyond, namely: dramatic resin price increases, challenging customer pricing terms and volume decline.First, resin prices increased dramatically during the first half of the year. These increases were related to a number of market pressures, some of which were unique to particularly specialty resins. While commodity resin costs weakened during the second half, offering some relief, our specialty resin costs remained flat. Due to the time lag built into our customer pricing agreements that delays our ability to pass along changes in raw material costs, we realized the decline in our profitability throughout the year.
Bemis' CEO Discusses Q4 2011 Results - Earnings Call Transcript
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